Pembina reiterated 2026 adjusted EBITDA guidance of C$4.35 bln to C$4.55 bln.
Company expects Q3 adjusted EBITDA below Q2, with a higher contribution in Q4.
Pembina targets 5-7% compound annual fee-based adjusted EBITDA per share growth through 2030.
Result drivers
NGL prices and frac spreads - Higher NGL prices and wider frac spreads, including premium propane pricing in Asian markets, contributed to increased adjusted EBITDA in Marketing & New Ventures.
Facilities growth - The Facilities division benefited from new Redwater Complex capacity (RFS IV), higher volumes from Wapiti Expansion, and fewer planned outages.
Pipelines impacted by toll structure - The Pipelines division saw lower adjusted EBITDA due to a new Alliance Pipeline toll structure, partially offset by higher volumes and tariff adjustments.
Key details and analyst coverage
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
Beat
C$2.15 bln
C$1.94 bln (1 Analyst)
Q2 Adjusted EPS
Miss
C$0.66
C$0.73 (10 Analysts)
Q2 EPS
C$0.82
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 11 "strong buy" or "buy", 7 "hold" and no "sell" or "strong sell".
PBA•
